Health Savings Account

If you are currently only enrolled in a High Deductible Health Plan, you can open a MetLife HSA to pay for qualified out-of-pocket healthcare expenses with pre-tax dollars and save for health care costs over the long term, including retirement.

Enroll today for a Health Savings Account

If you want to make the dollars you spend on healthcare expenses go further now and, in the future, an HSA may make a significant difference. [If you qualify, you can enroll in an HSA during open enrollment or at any time throughout the year.][You can change your contribution amount at any time.]

Getting Started with Your HSA

Your HSA has many benefits. You can use it for out-of-pocket qualified medical, dental, vision and preventive care expenses, which may help you achieve your financial goals now and in the future.

Advantages of an HSA

Triple-tax savings: Employee and employer contributions are tax-advantaged, your balances and investments grow tax-free, and you can take out tax-free funds at any time to pay for or reimburse qualified out-of-pocket healthcare expenses.2

Build a safety net: HSAs are not “use-it-or-lose-it” accounts. Unlike flexible spending accounts (FSAs), unused HSA dollars accumulate and grow tax-free year over year.

Your HSA for life: Your HSA belongs to you, including employer contributions. You can take it with you from job to job and into retirement. It’s never too late to achieve financial security.

Make your HSA work for you: Similar to a 401(k) plan, your HSA can earn interest, and investment options are available. Remember, the interest and earnings are not taxed,and there is no maximum on the HSA balance you can accumulate. This means every dollar you don’t take out of the HSA today is another dollar you can grow for future needs. 

Invest your HSA:  The MetLife HSA pays interest on HSA cash deposits -  more than 3X higher than industry average interest rates.6 You also have investment flexibility though a variety of mutual fund investment options. Automatically allocate funds from your cash account into your HSA investment account for tax-free investment growth for future needs7.

Additional tax savings at age 55. The more you contribute to your HSA, the more you save on taxes. And, at age 55, you can contribute an additional $1,000 over the IRS annual contribution limit.

My HSA Planner Calculator 

Our HSA Planner Tool provides information on how much you may wish to save each year and how those savings may grow over time.

Plan Details

Expenses Covered with your HSA

Use your tax-advantaged HSA to pay for qualified healthcare expenses. Here are some examples of what an HSA covers:4

  • Copays, coinsurance and deductibles.
  • Office visits, X-rays and lab work.
  • Qualified vision and dental expenses.
  • Prescriptions and OTC medications and supplies.
  • Items such as blood pressure monitors and diabetic testing supplies.

HSA + Retirement

A 65-year-old couple retiring today will need an average of $315,000 for medical expenses.*

Four ways an HSA helps you address healthcare concerns in retirement.

  • An HSAs growth and withdrawals allow you to save money through tax-advantaged contributions and tax-free withdrawals.2
  • Turning to an HSA to cover your healthcare retirement costs can allow you to focus your retirement savings accounts on other expenses.
  • You can invest your HSA funds to maximize the account growth potential.3
  • You can contribute an additional $1,000 each year beginning the year you turn 55.5

It’s easy to use your HSA account and get help when you need it

Accessing and using your HSA is easy and convenient

  • Easy enrollment and account setup.
  • Easy payments with a MetLife debit card: a single, smart card with mobile wallet abilities.
  • 24/7/365 account access through the secure, easy-to-use online portal and mobile app so you can quickly check your balance, research investments and track activity through MetLife's portal and mobile app. 
  • Educational resource library and interactive planning tools and one-click answers to your benefits questions.
  • Access your money three ways when you need to pay for expenses - use your debit card, pay providers directly, or request a distribution to reimburse yourself.   
  • Automatic payroll deduction of your pre-elected HSA contribution amount and automatic tax reporting of all contributions.
  • Receipt organizer makes it easy to store unreimbursed qualified healthcare receipts that you can use to validate future withdrawals from your HSA.

Enroll today

Enroll Now

1 You can contribute to an HSA if: (1) you are not covered under any other health plan that is not a qualified HDHP, including a general purpose health care Flexible Spending Account (FSA) or Health Reimbursement Account (HRA), or if you are not covered under TRICARE; (2) you are not enrolled in Medicare or Medicaid and (3) you cannot be claimed as a dependent on another person’s tax return.

2 HSA funds used for non-qualified expenses are taxed and subject to a 20% penalty for accountholders less than 65 years of age. Beginning at age 65, HSA funds for non-qualified expenses are taxed, but do not incur any penalty.

3 All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.

4 See IRS publication 502 available at http://www.irs.gov/pub/irs-pdf/p502.pdf for information about eligible dependents and a list of qualified expenses. In addition, there may be legislation or additional publications that may modify or expand available qualified expenses. Please refer to your employer's plan document for the latest list of qualified expenses under your plan.

5 Contribution limits are subject to change and should be checked on an annual basis on the IRS website.

6 MetLife Internal Analysis (last updated February 2022). Cash savings balances in an HSA earn interest through a funding agreement issued to the custodian bank, are not FDIC insured, and are subject to the financial strength and claims-paying ability of Metropolitan Tower Life Insurance Company. The interest rate earned on the assets allocated to the funding agreement option are declared to the custodian and are guaranteed for at least 12 months from the date the interest rate is declared. There may be different interest rates applicable to different allocations depending upon when the allocation was made to the funding agreement option. The funding agreement option provides the investor with a stable rate of return over time. Metropolitan Tower Life Insurance Company may earn a spread from assets allocated to the funding agreement option available under HSAs.

7 Investing in mutual funds available for HSA balance above the threshold amount required in cash account.

8 It is the employee who determines whether to invest funds, and the employee selects those investments from the platform made available through MetLife.

* https://www.fidelity.com/viewpoints/personal-finance/plan-for-rising-health-care-costs

Like most group benefit programs, benefit programs offered by MetLife and its affiliates contain certain exclusions, exceptions, waiting periods, reductions of benefits, limitations and terms for keeping them in force. Nothing in these materials is intended to be, nor should be construed as, advice or a recommendation for a particular situation or individual. Participants should consult with their own advisors for such advice. Federal and state laws and regulations are subject to change.